Business
Elemental Board of Directors Unanimously Recommends Shareholders Reject Gold Royalty's Hostile Bid
TO REJECT THE HOSTILE BID, SIMPLY TAKE NO ACTION INVESTOR CONFERENCE CALL AT 10 AM EST (7...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Board of Directors Unanimously Recommends Shareholders Reject Gold Royalty's Hostile BidTO REJECT THE HOSTILE BID, SIMPLY TAKE NO ACTIONINVESTOR CONFERENCE CALL AT 10 AM EST (7 AM PST) TOMORROWVancouver, British Columbia--(Newsfile Corp. - January 26, 2022) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental\" or \"the Company\") today announced that the Board of Directors (the \"Board\"), following the unanimous recommendation of a special committee of independent directors (the \"Special Committee\"), has unanimously determined that the all-share hostile takeover bid (the \"Hostile Bid\") from Gold Royalty Corp. is not in the best interests of the Company or its shareholders (\"Shareholders\"). The Board believes the Hostile Bid significantly undervalues Elemental's business and unanimously and unequivocally recommends that Shareholders REJECT the Hostile Bid and NOT TENDER their shares. The Board's determination followed careful consideration, including advice from its financial and legal advisors, and the recommendation of the Special Committee. Furthermore, a majority of Elemental shareholders communicated to the Company that they did not intend to accept the Hostile Bid. To reject the Hostile Bid, simply take NO ACTION. If Shareholders have tendered their shares and wish to withdraw them, simply ask your broker or contact Elemental's information agent, Morrow Sodali (see contact information below), to assist you with this process.\"Gold Royalty's Hostile Bid is completely inadequate,\" confirmed Frederick Bell, CEO of Elemental. \"The Board believes that Shareholders will be better off if Elemental continues to progress its business plan, or if a more attractive alternative surfaces from our review of strategic options.\" A Directors' Circular (the \"Circular\") providing the full details of the Board's recommendation, including the reasons to REJECT the Hostile Bid, is available on the Company's website at https://www.elementalroyalties.com, and at www.sedar.com. The Circular is also being mailed to all Shareholders and other persons required to receive a copy under applicable securities laws. We encourage Shareholders to visit our website for up-to-date information as we move forward.The Circular includes a Letter to Shareholders on behalf of the Board and the Special Committee summarizing the r...